The Central Bank of Liberia (CBL) has cautioned journalists that inaccurate or poorly framed economic reporting has the potential to trigger public panic, distort financial markets, and undermine national stability.
The warning was issued at the opening of a specialized training for economic journalists held in Monrovia, where Dr. Musa Dukuly, Deputy Governor for Economic Policy, spoke on behalf of the Executive Governor.
Dr. Dukuly emphasized the vital role of the media in shaping public understanding of monetary policy, which directly impacts food prices, employment, and overall economic confidence. “The media plays a pivotal role in how citizens interpret economic decisions that affect their daily lives,” he noted.
Citing regional examples, Dr. Dukuly referenced Ghana’s 2022 foreign reserve misreporting, which triggered speculation and a sharp depreciation of the cedi; Nigeria’s 2021 inflation data misinterpretation, which led to fears of hyperinflation; and Kenya’s debt misreporting, which briefly disrupted investor confidence.
He also highlighted a local case in December 2024, when a false report claimed that the CBL had run out of money. “That publication could have sparked a dangerous run on the banks and potentially collapsed the financial sector,” Dr. Dukuly warned.
Journalists, he said, must see themselves not just as reporters but also as educators, watchdogs, and essential links between complex economic policies and the public. He urged them to prioritize accuracy, context, and timing in their reporting.
“The more accurate and accessible your reporting, the stronger Liberia will be,” Dr. Dukuly stated. “A strong democracy and a stable economy depend on informed journalism.”
He pledged greater transparency from the CBL and encouraged closer collaboration with the media, describing the training as the beginning of a deeper partnership aimed at fostering financial literacy among Liberians.
Approximately 40 journalists from various media institutions participated in the training and were awarded certificates in monetary policy communications.
